The above chart displays the difference between the daily closing market price and net asset value for ProShares. The vertical axis of the chart shows the premium / discount expressed as a % of NAV. The horizontal axis represents the number of trading days in the period.

During market hours, investors may choose to compare an ETF’s current market price to its intraday value (IOPV,IIV) to assess any premium/discount. Learn how to obtain intraday values.

Definitions of Terms

Net Asset Value (NAV): The price per share at which ProShares issues and redeems shares. It is calculated in a manner consistent with other mutual funds (normally
4:00
p.m. ET) every day the NYSE is open.

Current Market Price: Price at which an investor can buy or sell and ETF during the trading day.

Intraday Value: An ETF’s intraday value (also abbreviated as IOPV or IIV) is an estimated fair value of its holdings based on the most recent prices of its underlying securities. It should closely approximate the net asset value (NAV) of an ETF throughout the trading day.

closing price (last trade): The final price of a security at which a trade was made on the stock exchange.

discount: The amount the ProShares is trading below the reported NAV, expressed as a % of NAV.

premium: The amount the ProShares is trading above the reported NAV, expressed as a % of NAV.

Short or Ultra ProShares ETFs seek returns that are 3x, 2x, -1x, -2x or -3x the return of an index or other benchmark (target) for a single day, as measured from one NAV calculation to the next. Due to the compounding of daily returns, ProShares' returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. These effects may be more pronounced in funds with larger or inverse multiples and in funds with volatile benchmarks. Investors should monitor their holdings consistent with their strategies, as frequently as daily. For more on correlation, leverage and other risks, please read the prospectus

There is no guarantee that any ProShares ETF will achieve its investment objective.

Investing involves risk, including the possible loss of principal. ProShares are non-diversified and each entails certain risks, which may include risk associated with the use of derivatives (swap agreements, futures contracts and similar instruments), imperfect benchmark correlation, leverage and market price variance, all of which can increase volatility and decrease performance. Short ProShares should lose money when their benchmarks or indexes rise. Please see their summary and full prospectuses for a more complete description of risks.

Carefully consider the investment objectives, risks, charges and expenses of ProShares before investing. This and other information can be found in their summary and full prospectuses. Read them carefully before investing. A separate ProShares Trust II prospectus is available for Volatility, Currency and Commodity funds. You may obtain them from your financial adviser or broker/dealer representative.